August 29, 2023
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5 minutes
AI is taking the world by storm, and for good reason, it can outperform humans in increasingly difficult tasks with unmatched speed and accuracy.
What may have previously taken a human one hour, may take as little as five minutes with the right AP solutions.
That’s why AI-based accounts payable automation solutions are a must-have if you want to improve your AP workflows and overall efficiency.
Whether you’re looking for high-accuracy document extractors or AI-powered automation to speed up your AP processes, these solutions have you covered.
1. Affinda Accounts Payable AI
Affinda is powered by industry-leading revolutionary AI that allows its suite of AP solutions to outperform competitors that have been around for much longer.
The accounts payable AI is capable of processing several key AP documents such as invoices, receipts and credit notes to help you streamline your operations.
Some of the benefits AP teams enjoy by using Affinda include:
- An 80% reduction in invoice processing time.
- Improved data capture accuracy for better financial analysis.
- A five-fold increase in credit note processing efficiency.
Each solution offers:
- A simple learning curve with onboarding taking as little as 30 minutes.
- The ability to process virtually any document type from PDFs to Excel spreadsheets.
- Enterprise-grade data privacy and compliance in line with international standards.
- Batch processing through APIs and manual uploading.
- AI and ML-powered automated validation and exception flagging for documents that require manual review.
- Industry-leading AI that learns from each document you process.
- Over 50 language options with countless extraction fields.
These solutions can even be customised to better fit your unique business need (such as implementing custom extraction fields) so that you can get even more out of the AI-powered accounts payable solution.
2. Nanonets
Nanonets is another reputable AI-powered accounts payable solution that offers automated invoice, receipt and purchase order processing.
They also offer other features, such as their email AI which allows the solution to automatically read and process invoices straight from your inbox. Additionally, you can integrate with platforms like Google Drive, Loom and more for seamless file imports. This feature can also notify you if any invoices need manual oversight.
Some of the other features Nanonets offer include:
- AI-powered data and document validation for better accuracy.
- Custom automated AP approval workflows with spend limits and department structures for faster payments.
- Purchase order matching to prevent errors and duplicate payments.
- Accounting software integrations for accurate data entry.
- Teams feature for streamlined collaboration.
- Reconciliation of internal records against bank and credit card statements.
3. Yooz
Yooz is an AI-based invoice processing solution that promises to reduce processing costs by as much as 80%.
The AP solution prides itself on being simple to set up with an intuitive interface, so you can start processing invoices in just a few hours. You can even access its features through a mobile application, enabling you to process invoices on the go.
Other features you can access with Yooz include:
- Secure cloud storage to prevent data loss and provide you with an audit trail.
- Automated Purchase to Pay processes which are capable of processing up to 80% of invoices without prior configuration.
- Integration with over 250 financial and accounting systems.
- Purchase order matching for fraud and error minimisation.
- Interface customisation to better fit your team’s preferences.
4. ElevateAP
ElevateAP is an accounts payable solution built specifically to integrate into the Workday environment.
The solution focuses on streamlining AP processes by enabling partners to process up to 90% of their invoices without manual intervention and the remaining invoices up to five times faster than manual workflows.
Its machine learning prediction algorithms, called the ElevateAP Dynamic Prediction Engine, uses layered algorithms to achieve leading touchless processing performance.
Other features that ElevateAP offers include:
- An intuitive and efficient user interface to help you get up and running sooner.
- Custom AP automation solutions for complex tasks.
- Advanced reporting and analytics to help you better understand the state of your AP department and overall business.
- Matching for both PO and non-PO invoices for more accurate tracking.
5. Stampli
Stampli is an AI accounts payable solution with a core focus on simplicity to help you efficiently process your invoices.
With Stampli, you can consolidate your communication, documentation and workflows in one place and even integrate the solution into over 70 ERPs, making it easier to manage your AP flows.
Additionally, Stampli’s AI (Billy the Bot™) supports your automation efforts by helping you with data capture, coding, routing, fraud detection and other otherwise manual tasks.
Other highlights of Stampli include:
- 2- and 3-way purchase order matching with the capability to process partial payments.
- A vendor management hub that helps with onboarding and keeps supplier information and documentation in one place.
- The ability to automate both processing and payments across departments, offices, companies or locations by using Stampli Direct Pay.
- Built-in analytics and reporting to help you monitor productivity and the results of your AP processes.
- Invoice audit trails with one-click access to related conversations and activities for stress-free audits.
6. Aavenir
With Aavenir, you can effortlessly capture and store all your invoices in a centralised, searchable repository using Intelligent Document Processing (IDP).
Whether you need to process PO or non-PO invoices, you can do so straight from your email, scanner or e-procurement system. This includes several invoice formats from PDFs, XMLs and EDIs to images or text.
Aavenir promises to reduce the need for human intervention in invoice processing by as much as 99% through its built-in AI engine that learns from your invoice patterns, automating invoice coding and data entry.
Aavenir’s other AP features include:
- The ability to process multiple invoices in a single PDF to reduce manual invoice splitting.
- Automated 2- and 3-way invoice validation to speed up your purchase-to-pay workflow with email notifications for any exceptions.
- Custom business and validation rules for vendors, spend categories, risk levels and more.
- One-click access to invoices and their related documents to support faster approvals and provide an audit trail.
- Confidence level configuration which allows you to set a threshold for manual intervention.
- A metrics dashboard where you can track invoice processing history, company spending and vital AP KPIs such as exception rates, overdue invoices and more.
How to Choose the Right AP Automation Solution
Selecting the right AI-based AP solution is crucial for optimising your invoice processing and financial workflows.
To choose the right one for you, you should assess your needs and pain points as these will help you identify the must-have features and functionalities for your AP department.
Next, you should evaluate the level of automation and AI capabilities each solution provides. A robust AI solution should offer intelligent data extraction, automated invoice coding, seamless integration with ERPs and efficient workflows and be able to learn from each document it processes.
Your chosen solution should also be flexible enough to grow alongside your evolving needs. This includes accommodating an increasing volume of invoices and supporting multi-entity processing if required.
Other important factors include a seamless user experience with intuitive UI and extensive user support for questions, concerns and custom implementations.
Ready to upgrade your accounts payable automation solutions with the help of AI?
Try Affinda’s Invoice Processor and unlock the power of revolutionary AI with a free trial and experience our next-level AI solution for yourself.
